North Korean hackers stole more than $659 million worth of crypto during 2024, according to a joint statement issued by the United States, South Korea, and Japan.
The announcement warns that threat groups linked to the Democratic People's Republic of Korea (DPRK) continue to target companies in the blockchain technology.
In September 2024, the United States government observed multiple attacks by North Korean hackers using social engineering to distribute malware such as TraderTraitor, AppleJeus, and others. The Republic of Korea and Japan also observed similar attacks.
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They also officially confirmed that North Korean hackers were behind the breach of WazirX, India's largest Bitcoin exchange, which resulted in a loss of $235 million.
North Korea was also linked to several other cryptocurrency heists uncovered last year, including DMM Bitcoin ($308 million), Upbit ($50 million), Rain Management ($16.13 million), and Radiant Capital ($50 million).
However, blockchain analytics firm Chainalysis said in a recent report that North Korean hackers stole $1.34 billion worth of crypto in 2024, across 47 cyberattacks.
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The North Korean crypto theft has significant implications for the global economy. First, the theft creates uncertainty and loss of confidence in the cryptocurrency market. Investors and users are concerned about the safety of their funds and the possibility of becoming victims of cyberattacks.
Additionally, crypto theft can have a negative impact on the development and security of cryptocurrencies in general. These cyberattacks expose weaknesses in security systems and can cause market turmoil. The loss of public trust can negatively affect the value of cryptocurrencies.
See also: Nigeria: 792 suspects arrested for romance and crypto scams
Finally, the attacks could have geopolitical implications. North Korea is using stolen cryptocurrencies to fund its nuclear weapons and missile programs. This could threaten regional security and provoke reactions from other countries.
Source: www.bleepingcomputer.com
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